SAGIA classifies Sadara as strategic

Updated 21 June 2015
0

SAGIA classifies Sadara as strategic

Sadara Chemical Company (Sadara) has been classified as strategic by the Saudi Arabian General Investment Authority (SAGIA), the governmental entity established to oversee investment affairs in the Kingdom of Saudi Arabia. This puts Sadara in the highest classification category achievable under SAGIA’s current investment rankings.
This classification of Sadara’s investment status is in recognition of its commitment to enhancing the value of its investments in the petrochemical and chemical sectors of Saudi Arabia. This is also recognition of Sadara’s success in bringing associated investments into the Kingdom, providing significant employment opportunities for Saudi nationals, and driving further development of the industry or associated industries, according to SAGIA.
“We are pleased to have achieved the highest ranking with SAGIA and their recognition of Sadara’s positive impact on the Saudi economy,” said Ziad Al-Labban, CEO of Sadara. “We are driven by the support tendered to us by our stakeholders, Saudi Aramco and The Dow Chemical Company, and are committed to continuing to contribute to the enhancement and strengthening of the Kingdom’s value creation opportunities.”
“I would also like to thank SAGIA for its support of Sadara and its active role in helping the project achieve the successes it has to date,” Al-Labban added.
The evaluation criteria included a detailed appraisal of various aspects of Sadara and its business. This includes the transfer and localization of technological knowledge, diversification of the Kingdom’s economy, increasing exports and decreasing imports; developing local human resources, reinforcing and boosting the economic competitiveness of local products in both domestic and international markets, and encouraging balanced development of the various regions of the Kingdom.


LuLu opens Saudi Arabia’s largest store in Riyadh

Updated 21 July 2018
0

LuLu opens Saudi Arabia’s largest store in Riyadh

JEDDAH: LuLu Group recently opened its 150th hypermarket in Riyadh. It was inaugurated by Ibrahim Al-Omer, governor of Saudi General Investment Authority (SAGIA); Ibrahim Al-Suwail, deputy governor of SAGIA; along with Sheikh Shakhbout bin Nahyan Al-Nahyan, UAE ambassador to Saudi Arabia; Yusuff Ali M.A., LuLu Group chairman; Shehim Mohammed, LuLu Saudi director; and other dignitaries and royal family members.
Located at the newly launched Atyaf Mall in Yarmouk, the hypermarket, the 13th in the country and the Kingdom’s largest, is spread across 220,000-square-feet.
Yusuff Ali M.A. said: “We are absolutely delighted to open our group’s 150th and Saudi Arabia’s 13 hypermarket in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created. Through our internationally sourced quality products and enthusiastic staff, LuLu has been the most preferred destination for different nationalities and we will continue to preserve this identity with our new store.”
He added: “We see tremendous growth opportunities in the Kingdom and are glad to be part of the Vision 2030 by further expanding our presence here. We will open another 15 hypermarkets by 2020 at an investment of SR1 billion ($266 million) out of which five will be opened this year itself. This includes three hypermarkets in Riyadh followed by one each in Tabuk and Dammam. This is apart from the SR1 billion we have already invested in the Kingdom till now.”
The group currently employs more than 3,000 Saudi nationals, out of which 1,400 are women, amounting to 40 percent of Saudization.
“Our goal is to give employment to 6,000 Saudi nationals by the end of 2020. We have a very elaborate and effective multi-level training program, through which we not only train them here but also send the local recruits to other regions in the GCC and India for training in various departments. We have also tied up with Saudi vocational institutions and universities in this regard,” the LuLu Group chairman said.